PHASE 1: Determine home ownership needs -
• How much can I afford to spend? $48, 250
• What type of housing should I buy based on affordabilitya single family dwelling.
During this phase you also have to consider the monthly upkeep of a house. Taxes, utilities, yard upkeep, etc…
PHASE 2: Locate and evaluate a home
• Where do I want to live? Moose Jaw sk, quiet neighbor hood in the North East
• What aspects of the home need improvement? new carpet, painted walls, basement needs to be finished.
Different areas sometimes mean a difference in housing costs. Pick the area in which you want to live. Dream BIG!!!! I'd rather dream small.
PHASE 3: Price the property – Go house shopping!!! Find your dream home online. Save it because you will need it in your presentation.
• What is an appropriate market price? $100,000.00
• How much negotiation movement exists? There's always time for negotiation. so probably around 5,000-10,000.
PHASE 4: Obtain financing – an Online mortgage calculator is going to help you with this process.
• How much down payment do I have? If I get a house for $100,000.00 the down payment would have to be about $5,000.
• What are current mortgage rates? current mortgage rates are 1.49%
• How much of a mortgage do I qualify for? You have to know what it means to qualify for a mortgage.well it would be $1000 for property taxes and id get 1% of that. but for the house i want the taxes are $1312 because the house i want is only $90,000.00
• What type of mortgage should I select? Adjustable-rate mortgage. Unlike a fixed-rate home loan, which sports an unchanging interest rate over the life of the loan, the interest rate on an adjustable-rate mortgage, or ARM, can change from year to year. Hybrid ARMs, which are prevalent, feature aspects of both adjustable-rate and fixed-rate mortgages.
PHASE 5: Close the purchase transaction – You find the house, now what?
• What is the closing date? the closing date would be neotiated after the offer is put in with the relater so it would happen a couple weeks later EX i put in my offer on January 13th and they except it on January 14th.. the realator will give me until about January 21st and ask if i could have all the moeny settled and ready etc.
• What funds and documents are needed for the closing?
Down payment
Home Buyers’ Plan
Mortgage payments: interest versus principal
Mortgage types: open or closed
Amortization period
Mortgage term
Interest rates: fixed, variable or hybrid
Payment frequency
Mortgage default insurance
Other insurance options
Mortgage security registration: standard charge or collateral charge
Home equity lines of credit (HELOC)
Mortgage optionss
• Do I understand everything before the final signing? sure do.
• How much can I afford to spend?
$48, 250
• What type of housing should I buy based on affordabilitya single family dwelling.
During this phase you also have to consider the monthly upkeep of a house. Taxes, utilities, yard upkeep, etc…
PHASE 2: Locate and evaluate a home
• Where do I want to live? Moose Jaw sk, quiet neighbor hood in the North East
• What aspects of the home need improvement? new carpet, painted walls, basement needs to be finished.
Different areas sometimes mean a difference in housing costs. Pick the area in which you want to live. Dream BIG!!!! I'd rather dream small.
PHASE 3: Price the property – Go house shopping!!! Find your dream home online. Save it because you will need it in your presentation.
• What is an appropriate market price? $100,000.00
• How much negotiation movement exists? There's always time for negotiation. so probably around 5,000-10,000.
PHASE 4: Obtain financing – an Online mortgage calculator is going to help you with this process.
• How much down payment do I have? If I get a house for $100,000.00 the down payment would have to be about $5,000.
• What are current mortgage rates? current mortgage rates are 1.49%
• How much of a mortgage do I qualify for? You have to know what it means to qualify for a mortgage.well it would be $1000 for property taxes and id get 1% of that. but for the house i want the taxes are $1312 because the house i want is only $90,000.00
• What type of mortgage should I select?
Adjustable-rate mortgage. Unlike a fixed-rate home loan, which sports an unchanging interest rate over the life of the loan, the interest rate on an adjustable-rate mortgage, or ARM, can change from year to year. Hybrid ARMs, which are prevalent, feature aspects of both adjustable-rate and fixed-rate mortgages.
PHASE 5: Close the purchase transaction – You find the house, now what?
• What is the closing date? the closing date would be neotiated after the offer is put in with the relater so it would happen a couple weeks later EX i put in my offer on January 13th and they except it on January 14th.. the realator will give me until about January 21st and ask if i could have all the moeny settled and ready etc.
• What funds and documents are needed for the closing?
- Down payment
- Home Buyers’ Plan
- Mortgage payments: interest versus principal
- Mortgage types: open or closed
- Amortization period
- Mortgage term
- Interest rates: fixed, variable or hybrid
- Payment frequency
- Mortgage default insurance
- Other insurance options
- Mortgage security registration: standard charge or collateral charge
- Home equity lines of credit (HELOC)
- Mortgage optionss
• Do I understand everything before the final signing? sure do.